With unresolved problems set to drag into the new year, South Korean commercial lenders face a number of burdens that will keep them occupied throughout 2020. One of the major issues that drew public flak earlier this year was the misselling of derivatives products worth a combined 800 billion won ($688 million) by Woori Bank and KEB Hana Bank, putting its customers at risk of losing large sums. The banks failed to provide customers with adequate information about the high-risk nature of the pro

South Korea’s internet giant Naver-backed venture capital TBT said Tuesday it has named Startup Alliance Managing Director Lim Jung-wook as the new co-chief of the investment vehicle. Lim will take office in March, when his term at Startup Alliance expires.He is serving his seventh year as the head of the nonprofit organization, dedicated to startup ecosystem advocacy and community building. Formerly a career journalist, Lim served as the head of web portal operator Lycos and global b

One out of 10 South Koreans invest in stocks and nearly half of them are in their 50s or older, government data showed Monday. According to the Ministry of the Interior and Safety, Statistics Korea and the Korea Securities Depository, around 5.55 million people invested in 2,216 listed firms on the domestic stock market, as of end-December last year. The findings showed that one in five of the economically active population were investors and the number reached 10.7 percent of all resident regis

Seoul-based KTB Investment & Securities and KTB Asset Management have backed a 160 million euros ($177.2 million) acquisition of Tesco’s Distribution Center in Dublin, Ireland, by DTZ Investors, its adviser Cushman & Wakefield said Monday.It was the largest single-asset logistics transaction in Ireland by volume. The 73,000 square meter-wide warehouse is a logistics facility for dry goods distribution to some 150 Tesco stores across Ireland within three hours.  KTB partnered w

The average number of companies that suffered credit rating downgrades hit a three-year high this year, as they have been struggling to cope with the risks stemming from the US-China trade war and global economic slowdown, latest data showed Monday. According to separate evaluations by three major credit rating agencies here, the average number of firms that were downgraded so far this year increased to 55 firms, 15 more than last year. The corresponding figure stood at 37 in 2018 and 45 in

Plan of launching fund from employees being reviewed

Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt. The fund is backed by limited partners including Kaka

SEJONG -- South Korea’s benchmark interest rate ranged between 3 percent and 5.25 percent per annum from 2000 to 2008.Though the monetary policy committee of the Bank of Korea cut the key rate to 2 percent in 2009 in the wake of the 2008-09 global financial crisis, the figure went into normalization in the early 2010s to reach 3.25 percent during the 2011-2012 period.Most analysts shared the view that the Korean economy had been resilient to negative external factors on the back of its rob

Na Jae-chul, CEO of medium-sized brokerage Daishin Securities, was elected as new chairman of the Korea Financial Investment Association on Friday.Starting from Jan. 1, the 60-year-old will serve his three-year term as the fifth chairman of the leading nonprofit, self-regulatory financial organization in South Korea.According to Kofia, Na earned 221 of 295 votes, beating out KTB Asset Management Vice Chairman Jung Ki-seung and former IBK Securities CEO Shin Seong-ho.Na has been the head of Daish

Shinhan Financial Group said Sunday it plans to launch a 2.1 trillion won ($1.8 billion) fund to support 2,000 startups and foster 10 unicorns in the next three years.Unicorns refer to privately held startups valued at over $1 billion -- eight South Korean firms have made it to the list so far, according to US market research firm CB Insight. Through its Triple-K Project, the Korean financial giant will support overseas forays of budding enterprises in collaboration with institutions and compani

South Korea’s semiconductor industry is projected to walk the road to recovery next year, which will propel the local stock market in turn, recent reports by global investment banks said.Most financial institutions upgraded their ratings of the stock market by one or two notches, and said the benchmark Kospi will trade at an average 2,300 points, higher than the corresponding figure of 2,100 points this year. France-based financial institution BNP Paribas adjusted its rating on the South K

Foreign investors have purchased more South Korean stocks than they have sold so far this month, possibly on the way to ending their four-month selling streak, data showed Sunday.As of Friday, foreign investors have purchased a net 113.9 billion won ($98 million) worth of local shares since Dec. 2, according to the data from Seoul bourse operator Korea Exchange. Their shift toward a buying mode apparently comes amid a heightened hope for a long awaited deal between the US and China that, if sign

Foreign currency deposits held by banks in South Korea dropped slightly from a month earlier in November, largely on local businesses taking advantage of favorable exchange rates, central bank data showed Thursday.The outstanding foreign currency deposits held by banks here came to $74.87 billion as of the end of last month, down $3.67 billion from a month before, according to the data from the Bank of Korea.It marked the first on-month drop since July, when the amount slipped $700 million from

South Korea’s fifth-largest conglomerate Lotte Group was excluded from supervision by financial authorities, in line with its disposal of financial subsidiaries earlier this year, the Financial Services Commission said Wednesday.With this, the number of those subject to financial supervision came to six -- Samsung, Hyundai Motor, Hanwha, Kyobo Life Insurance, Mirae Asset Financial Group and DB Group.“The current regulations state that financial groups with assets of 5 trillion won ($

With a healthy pipeline of companies seeking initial public offerings next year, industry watchers say the proceeds raised could exceed 10 trillion won ($.8.9 billion) for the first time since 2010. According to corporate announcements made so far, the first major IPO of 2020 is expected to be South Korean drug development firm SK Biopharmaceuticals. The drug unit of South Korea’s telecom-to-energy conglomerate SK Group submitted a preliminary application for an IPO to the Korea Exchange i